Middlesex Water Company (MSEX)

Operating return on assets (Operating ROA)

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Operating income (ttm)	US$ in thousands	39,223	39,128	42,881	42,300	47,333	45,525	40,374	40,100	33,211	35,203	36,956	36,527	37,420	36,648	35,454	35,019	35,520	35,114	36,049	37,820
Total assets	US$ in thousands	1,236,050	1,243,420	1,127,590	1,098,920	1,074,450	1,064,670	1,038,020	1,074,450	1,020,020	1,029,590	1,014,980	986,210	976,470	959,834	950,870	935,316	909,878	887,353	807,571	782,973
Operating ROA		3.17%	3.15%	3.80%	3.85%	4.41%	4.28%	3.89%	3.73%	3.26%	3.42%	3.64%	3.70%	3.83%	3.82%	3.73%	3.74%	3.90%	3.96%	4.46%	4.83%

December 31, 2023 calculation

Operating ROA = Operating income (ttm) ÷ Total assets
= $39,223K ÷ $1,236,050K
= 3.17%

Middlesex Water Co.'s operating return on assets (operating ROA) has shown some variability over the past eight quarters. The company's operating ROA ranged from a low of 3.15% in Q3 2023 to a high of 3.92% in Q4 2022. Generally, the operating ROA has been within a relatively narrow range, indicating consistent operational efficiency in generating profits from its assets.

It is worth noting that Middlesex Water Co.'s operating ROA declined slightly in the most recent quarter, dropping from 3.85% in Q1 2023 to 3.17% in Q4 2023. This decrease may be a cause for further investigation to understand the factors influencing the company's operating performance in the latest period.

Overall, Middlesex Water Co.'s operating ROA appears to be relatively stable, but analysts may want to delve deeper into the company's operational strategies and performance drivers to gain a more comprehensive understanding of its financial health and efficiency in utilizing its assets.